Jefferies Upgrades MercadoLibre to Buy, Target $2,600

Jefferies raised MercadoLibre (NASDAQ:MELI) from Hold to Buy, citing valuation lows and growth prospects.
Price target lowered to $2,600 from $2,800 as margin compression created a rare entry point for investors.
EV/Sales ratio hit an all‑time low of 1.8× (2026 estimates) while PEG fell to 0.8×, below industry range.
Jefferies projects commerce GMV to rise from $65bn in 2025 to $169bn by 2030 and TPV to exceed $400bn.